Thermo Fisher Scientific (NYSE:TMO) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Thermo Fisher Scientific (NYSE:TMO) issued its quarterly earnings results on Wednesday. The medical research company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $5.25 by $0.03, Briefing.com reports. Thermo Fisher Scientific had a net margin of 14.69% and a return on equity of 18.22%. The firm had revenue of $10.60 billion during the quarter, compared to analysts’ expectations of $10.63 billion. During the same quarter in the prior year, the business earned $5.69 EPS. Thermo Fisher Scientific’s quarterly revenue was up .2% compared to the same quarter last year. Thermo Fisher Scientific updated its FY 2024 guidance to 21.350-22.070 EPS and its FY24 guidance to $21.35-$22.07 EPS.

Thermo Fisher Scientific Price Performance

NYSE:TMO traded down $19.11 during trading hours on Thursday, reaching $557.38. 1,749,147 shares of the company traded hands, compared to its average volume of 1,469,244. Thermo Fisher Scientific has a 1-year low of $415.60 and a 1-year high of $627.88. The stock has a market cap of $212.92 billion, a P/E ratio of 34.70, a P/E/G ratio of 3.75 and a beta of 0.77. The firm’s 50-day moving average is $607.04 and its 200-day moving average is $584.39. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.72 and a quick ratio of 1.37.

Insider Activity

In related news, EVP Gianluca Pettiti sold 300 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $600.85, for a total value of $180,255.00. Following the completion of the transaction, the executive vice president now owns 17,887 shares of the company’s stock, valued at approximately $10,747,403.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Thermo Fisher Scientific news, CAO Joseph R. Holmes sold 860 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $611.03, for a total value of $525,485.80. Following the completion of the transaction, the chief accounting officer now directly owns 1,814 shares in the company, valued at approximately $1,108,408.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Gianluca Pettiti sold 300 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $600.85, for a total value of $180,255.00. Following the sale, the executive vice president now owns 17,887 shares in the company, valued at $10,747,403.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,084 shares of company stock worth $14,094,292 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TMO shares. Royal Bank of Canada lowered their price target on Thermo Fisher Scientific from $767.00 to $718.00 and set an “outperform” rating on the stock in a report on Thursday. Redburn Atlantic initiated coverage on Thermo Fisher Scientific in a report on Monday, October 14th. They issued a “buy” rating and a $680.00 target price on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Thermo Fisher Scientific from $650.00 to $670.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Evercore ISI cut their price objective on shares of Thermo Fisher Scientific from $630.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Morgan Stanley boosted their price target on shares of Thermo Fisher Scientific from $655.00 to $680.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $649.33.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally. The company's Life Sciences Solutions segment offers reagents, instruments, and consumables for biological and medical research, discovery, and production of drugs and vaccines, as well as diagnosis of infections and diseases; and solutions include biosciences, genetic sciences, and bio production to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.